Tuesday, April 23, 2013

Corporate Council on Africa Urges Policy Changes in Second Obama Administration

The Corporate Council on Africa issued a report dated 17 April 2013 titled "Promoting Shared Interests: Policy Recommendations on Africa for the Second Term of the Obama Administration."

The report covers a wide range of interaction between the United States and Africa.  Stephen Hayes, President and CEO of the Corporate Council, warns there is grave concern in the U.S. business community that America is being squeezed out of the 21st century African economy.  Without a much better and more focused effort, the U.S. may lose its pivotal chance to play a substantial role in the development of a region that is of major importance and may also miss a chance to help the recovery of the American economy. 

U.S. business in Africa faces competitors in Africa that can count on strong government backing, including generous state-supported financing from countries like China.  In addition, there are expanding investments by India, Turkey, the Gulf States, Brazil, Russia, South Korea, Japan, Malaysia, Singapore and others.  The U.S. investment share is shrinking. 

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